Oil crunch 'requires action'

Oil crunch 'requires action'

A report from the Industry Taskforce on Peak Oil & Energy Security has issued a warning that the UK needs to take action on fossil fuel shortages.

The forecast shortage of oil, insecurities in supply and price volatility has been nicknamed the 'oil crunch'.

According to the report, this could "destabilise economic political and social activity potentially by 2015".

To combat this, the taskforce has suggested that the government accelerates the "green industrial revolution" as well as laying out contingency plans to cope with the oil threat.

Andy Atkins, executive director of Friends of the Earth, commented on the report: "Ministers must take this warning seriously and wean the UK off its addiction to oil - because ordinary people will experience the withdrawal symptoms when the wells run dry."

He added: "It's been clear for some time that urgent action is needed to slash energy waste and develop green sources of energy - this will cut carbon emissions, increase energy security and create new green jobs and industries."